Nigeria Taxes Crypto, Woos Investors With Fresh Capital-Gains Freebie
The Big Picture: Nigeria just flipped the tax script on digital assets. Crypto gains are now firmly in the Federal Government’s crosshairs, but profits from stock-market trades remain blissfully untaxed, for now.
The Details: Unveiling the new playbook, Presidential Fiscal Policy & Tax Reforms Committee chair Taiwo Oyedele told Punch that "virtual currency will be taxed going forward," while capital-market gains stay exempt to keep the Nigerian Exchange attractive. Oyedele urged regulators and brokers to educate young Nigerians on the benefits of regulated investing to lure them away from the roulette wheel of unregulated crypto and sports betting.
The reform is part of a broader capital-gains overhaul. Speaking separately, Oyedele said the tweaked rules "make our market more competitive and investor-friendly" by shielding most retail trades and encouraging reinvestment, according to TheCable. CGT stays at 10%, far lower than the 30% corporate-income-tax bite.
Why It Matters / What They’re Saying: The reaction was swift. Brokers cheered the continued tax holiday on share profits, while tax pros flagged the compliance curve for crypto exchanges. Oyedele insists the dual approach will "unlock fresh capital and widen the tax net without scaring investors," PM News reports.
Around the Tax World
• Silver-Haired Relief: Speaker Abbas Tajudeen threw his weight behind a bill that offers free public healthcare and income-tax breaks for Nigerians aged 60+, calling it a "long-overdue safety net" (Voice of Nigeria).
• Varsity + VAT Whisperers: FIRS chief Zacch Adedeji pitched Nigerian universities on joint research hubs to turbo-charge e-filing tools and diversify revenue beyond oil (Ripples Nigeria).
• Old Law, New Teeth: Remember that FIRS memo on withholding tax for bond and T-bill interest? It’s not a new levy, just long-dormant enforcement, BusinessDay clarifies (BusinessDay).
• Telcos in the Hot Seat: The telecom lobby ALTON launched its first Compliance Management Forum, with Oyedele and Adedeji slated to school operators on digital-era record-keeping (Encomium).
By the Numbers
Tax Stat of the Day: 10% , the current capital-gains tax rate, compared with 30% corporate income tax and 7.5% VAT, making CGT the lightest of Nigeria’s big three levies (PM News).
Looking Ahead
All eyes now turn to the National Assembly, where lawmakers must codify the crypto-tax rules and senior-citizen reliefs before year-end. Expect guidance notes and plenty of FAQs once FIRS drops the implementing regulations. Learn more about Nigerian tax reforms.